Cathie Wood Just Dumped More Palantir Shares Despite 'Holy Grail' AI Deal — Here's What Ark Bought Instead

Cathie Wood-led Ark Invest made significant trades on Tuesday, focusing on companies like DraftKings Inc. (NASDAQ:DKNG), Palantir Technologies Inc. (NASDAQ:PLTR), and Shopify Inc. (NASDAQ:SHOP).

The DraftKings Trade

On Tuesday, Ark Invest made a substantial purchase of DraftKings shares across multiple ETFs. The Ark Fintech Innovation ETF (BATS:ARKF) acquired 53,400 shares, while the ARK Innovation ETF (BATS:ARKK) added 346,577 shares, and the ARK Next Generation Internet ETF (BATS:ARKW) bought 99,506 shares. With DraftKings’ stock closing at $31.16, the total value of these transactions amounted to approximately $15.6 million.

DraftKings recently announced a significant expansion through the acquisition of Railbird Technologies and its wholly owned subsidiary, Railbird Exchange, LLC, which bolsters DraftKings’ strategy to enter the prediction markets. The company has confirmed plans to launch DraftKings Predictions, a mobile application that will allow customers to trade event contracts.

The Palantir Trade

Ark Invest reduced its Palantir holdings on Tuesday. The ARKF fund sold 2,800 shares, the ARKK fund offloaded 13,627 shares, and the ARKW fund parted with 5,217 shares. With Palantir’s stock closing at $189.6, the total sale value was approximately $4.1 million.

Palantir recently hit an all-time high, driven by major contracts and strategic partnerships, including a $200 million deal with Lumen Technologies, enhancing its AI capabilities. Palantir CEO Alex Karp hailed the deal as “the holy grail for businesses,” saying it would make AI data processing 200 times faster and cheaper. Lumen confirmed the $200 million price tag, part of its $1 billion cost-cutting overhaul.

Notably, Ark Invest has been shedding Palantir shares as they chart new highs. On Monday, the Wood-led firm sold 13,922 shares worth nearly $2.63 million.

The Shopify Trade

Ark Invest also trimmed its Shopify position on Tuesday. The ARKF fund sold 2,972 shares, the ARKK fund sold 53,947 shares, and the ARKW fund sold 4,153 shares. With Shopify’s stock closing at $178.96, the total value of these sales was approximately $10.9 million.

ARK Invest has expressed confidence in Shopify, citing its early embrace of “agentic AI” as a game-changer for e-commerce. In a recent post, Wood praised Shopify for “seizing the agentic AI moment,” while ARK analysts said the company’s native support for the Model Context Protocol positions it to thrive as AI purchasing agents redefine online retail.

Even so, this week, Ark Invest sold 281,738 shares of Shopify on Monday. That transaction was worth $49.32 million, according to a prior report.

Other Key Trades

• Roku Inc. — Sold 26,159 shares by ARKK, 5,373 shares by ARKF, and 10,011 shares by ARKW.
• Roblox Corp.  — Sold 19,800 shares by ARKK, 3,051 shares by ARKF, and 7,579 shares by ARKW.
• Intellia Therapeutics Inc. — Bought 417,679 shares by ARKK and 61,732 shares by ARKG.
• 10X Genomics Inc. — Bought 206,820 shares by ARKK and 31,141 shares by ARKG.

Benzinga’s Edge Stock Rankings indicate Palantir checks out on Short, Medium and Long Price Trends. Here is how the stock stacks up on other metrics.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal